New Delhi: The Asian Development Bank (ADB) has announced $288 million in financing for two projects in Nepal, with the goal of bolstering the country’s resilience and inclusivity in the face of climate change and geophysical events. The projects will support green development initiatives and strengthen drinking water security, addressing critical challenges facing Nepal’s path to sustainable development, an ADB press release stated.
The ADB-funded initiatives are designed to support Nepal in achieving its development goals, including climate change mitigation and disaster risk management. The projects also promote environmentally sound and socially responsible investments to improve livability and enhance economic growth.
The ADB is providing $100 million in financing to support the first subprogram of the Green, Resilient, and Inclusive Development (GRID) program. This novel homegrown approach developed by Nepal offers a comprehensive framework for development planning and implementation, addressing a range of interconnected crises, such as climate change and disaster risk while promoting conservation, resilience, and gender equality.
“Nepal’s journey toward sustainable development is hindered by climate-induced and geophysical hazards, coupled with high exposure and vulnerability of communities, infrastructure, and systems,” said ADB Country Director for Nepal Arnaud Cauchois. “In the rapidly expanding Kathmandu Valley, enhancing drinking water security is paramount to improving livability, as current supply systems and limited water resources are under immense strain.”